Yuexiu Financial Holdings Group and Guangzhou Automobile Group Co Ltd (GAC Group) signed agreements with the Fortune Global Forum in Guangzhou on March 2, signaling greater cooperation with the annual top-level business gathering.

Editor-in-chief of Fortune magazine and Chief Content Officer of Time Inc Alan Murray attended the ceremony putting pen to paper with the two competitive Guangzhou-based companies, who will now be partners of the forum. 

Yuexiu Financial Holdings Group signs a cooperation agreement with Fortune Global Forum in Guangzhou, March 2. [Photo/Xinhua]

Yuexiu Financial Holdings was once a core division of Yuexiu Group until it was purchased by Guangzhou Friendship Group Co Ltd in April, 2016.

The company is currently the only listed financial enterprise in China, with a total market value of over 32.2 billion yuan ($4.67 billion). Its main business covers securities, leasing, industry funds, financing guarantees, petty loans and general merchandise.

Guangzhou Automobile Group Co Ltd and Fortune Global Forum reach a cooperation agreement in Guangzhou, March 2. [Photo/Xinhua]

Established in 1997, GAC Group is a large state-controlled joint-stock company which engages in diversified businesses in both domestic and international markets, such as the design and production of vehicles and parts, auto sales and logistics, and related services such as finance and insurance.

The group is to set up a R&D center in North America this year and plans to increase its overseas sales to 5 to 10 percent of the group's total by 2020, according to President of GAC Group Zeng Qinghong.

Representatives of the Fortune Global Forum pay a visit to Guangzhou Automobile Group Co Ltd in South China's Guangzhou, March 2. [Photo/Xinhua]

GAC Group has carved itself out as the name card for Guangzhou's automobile industry with sales volumes leading all other state-owned automobile companies. It has been included on the Global Fortune 500 list for the past four years.

The Fortune Global Forum serves as the perfect platform connecting CEOs of the world's most important multinational companies with world leaders. The next forum is scheduled for Dec 6 to 8 later this year.